june2013-42_400Not only do you get a loan with just 3.5% down but you will also be able to save around $10,000 over the life of the loan if you attend classes from the Homeowners Armed with Knowledge (HAWK) program before shopping for your home.

But that is not all!

2 years with no deliquent payments means another 15 basis-point reduction.

 

 

How does this work?

Home Buyers must take the class before signing a purchase contract for real estate. Additional classes will be needed before completing the sale. The actual savings will be in "50 basis-point reduction in upfront mortgage insurance and a 10 basis-point reduction in the annual premium cost. Upfront mortgage insurance premiums are 1.75% of the total loan amount, while annual monthly premium costs are 1.35%."

FHA loans are popular not only for their low down payment options but also because their credit score requirements are more forgiving with a Fico score of 560 or more all being required.

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Source: http://rismedia.com/2014-06-14/fha-offers-first-time-homebuyers-discounted-loans-for-taking-class/

The Phyllis Frankel Realty Group specializes in waterfront and luxury property. The realtors have been in business over 30 years and are neighborhood experts in Ponte Vedra Beach, Nocatee, Marsh Landing CC, Jacksonville Beach, St. Johns County and Jacksonville.

Posted by Carey Frankel on
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